 off its valuation in one of the biggest one-day sell-offs of all time. The tech giant warned of weaker consumer spending in the run up to Christmas. The plunge in its valuation left Amazon valued at around $930bn, the lowest level since the onset of the Covid crisis in March 2020. Amazon was worth more than $1.13 trillion at the close of the market, before its stock price plunged on downbeat expectations for the normally buoyant festive period. The tech giant missed Wall Street expectations as it revealed revenues of $127.1bn for the three months ending in September. It said it expected its revenues over the three months around Christmas to be between $140bn and $148bn, well below analyst estimates. The fall in the company's value is more than the entire value of FTSE oil giant Shell, which is worth £169bn. It means Amazon is out of the elite club of businesses worth more than a trillion dollars. It follows a brutal week for big tech companies as the industry reels from the cost of living crisis and rising interest rates. Shares in Google owner Alphabet, Apple, Amazon, Facebook owner Meta and Microsoft have dropped by around $850bn since Monday. Operating income at Amazon decreased to $2.5bn in the quarter, compared to $4.9bn in the same period in 2021. Amazon's results have been buoyed in recent years by lockdowns, which have kept people at home and forced them to order more online. But a weakening economic climate that is hitting consumers' pockets with rising interest rates has put pressure on its online retail operations. Surprisingly, Amazon's digital infrastructure business, Amazon Web Services, also missed market expectations, pulling in revenues of $20.5bn. Andy Jassy, Amazon's chief executive, said: 'There is obviously a lot happening in the macroeconomic environment, and we'll balance our investments to be more streamlined without compromising our key long-term, strategic bets.' The){kind=link}
Fears of bleak Christmas send stock plunging 18pc amid cost of living crisis
Amazon shares collapsed by 18pc on Thursday night, wiping $202bn (£175bn) off its valuation in one of the biggest one-day sell-offs of all time.
The tech giant warned of weaker consumer spending in the run up to Christmas.
The plunge in its valuation left Amazon valued at around $930bn, the lowest level since the onset of the Covid crisis in March 2020.
Amazon was worth more than $1.13 trillion at the close of the market, before its stock price plunged on downbeat expectations for the normally buoyant festive period.